要素错配是否抑制了中国企业对外直接投资的“学习效应”?——基于中国工业企业的微观证据

Does Factor Misallocation Inhibit“Learning Effect”of Chinese Enterprises’Outward Direct Investment?Micro Evidence Based on Chinese Industrial Enterprises

先基于本地溢出LS模型,构建企业投资学习效应的理论分析框架,接下来利用2009—2013年中国工业企业数据库数据,采用倾向得分匹配法和双重差分法实证分析了企业投资学习效应的存在性,最后探讨了要素错配对其学习效应的影响。研究结果表明:首先,对外直接投资企业存在显著的投资学习效应,而且对外直接投资行为能够强化其学习效应;其次,要素错配对企业全要素生产率的提高有负向影响,削弱了对外直接投资企业的学习效应,且随着要素错配程度的加深而愈发显著;最后,相较于内资企业,外资企业的投资学习效应更为突出,且要素错配对外资企业投资学习效应的削弱程度更高。

Based on the LS model of local spillovers,this paper constructs a theoretical analysis framework of enterprise investment learning effect.Using the data of enterprises from 2009 to 2013,this paper empirically analyses the existence of enterprise investment learning effect by using PSM-DID and explores the influence of factor mismatch on enterprise investment learning effect.The research shows the following.Firstly,there is a significant learning effect of ODI,and the learning effect of ODI can be strengthened by ODI.Secondly,factor mismatch has a negative impact on the improvement of total factor productivity,which leads to factor mismatch weakening the learning effect of ODI enterprises and becomes more and more significant with the deepening of factor mismatch.Finally,compared with domestic enterprises,the investment learning effect of foreign-funded enterprises is more prominent,and the factor mismatch weakens the investment learning effect of foreign-funded enterprises more deeply.